United States Electric Power Steering Market Report and Forecast 2025-2034

United States Electric Power Steering Market Outlook

The United States electric power steering market size reached USD 5.51 billion in 2023. The market is expected to grow at a CAGR of 3.9% between 2024 and 2032, reaching almost USD 7.78 billion by 2032.

Key Takeaways:

• Electric power steering (EPS) systems offer high fuel efficiency by eliminating belt-driven hydraulic or manual pumps that operate continuously, regardless of the need for assistance. EPS can save up to 0.4 litres of fuel for every 100 kilometers travelled and reduce CO2 emissions by up to 7 grams per kilometer.

• As per industry reports, in 2022, the majority of U.S. households (91.7%) owned at least one vehicle, with 22.1% of households having three or more vehicles. The total number of registered personal and commercial vehicles in the U.S. reached 278,870,463 in the same year. Trucks emerged as the most prevalent vehicle type, accounting for 170,239,357 registrations, surpassing cars, which totalled 98,573,935 registrations.

• Nearly all households (91.7%) in 2022 owned at least one vehicle, with only 8.3% of households not possessing any vehicles at all. These statistics underscore the widespread ownership and use of vehicles across the United States.

The United States electric power steering market has undergone significant growth, reflecting the automotive industry's evolution towards more advanced technologies. EPS has emerged as a key feature in modern vehicles, replacing traditional hydraulic systems due to its numerous benefits, including improved fuel efficiency, enhanced safety, and seamless integration with Advanced Driver Assistance Systems (ADAS).

A notable trend shaping this market is the integration of EPS with ADAS features like lane-keeping assist and adaptive cruise control, facilitating semi-autonomous driving capabilities and bolstering vehicle safety. The push towards electric and hybrid vehicles has further propelled the demand for EPS, with these systems offering energy-efficient solutions that contribute to vehicle efficiency and performance.

As the automotive industry prioritises eco-friendly practices, EPS aligns well with this trend. EPS systems are lighter and more energy-efficient than hydraulic systems, contributing to reduced emissions and fuel consumption. The rising adoption of electric and hybrid vehicles, which heavily rely on EPS for energy-saving attributes, underscores the growing importance of advanced EPS technology.

Safety features and driver assistance systems are also driving EPS adoption. EPS enables precise steering control, supporting advanced driver assistance functionalities and improving vehicle stability. Government regulations focused on reducing fuel consumption and emissions have further accelerated the adoption of EPS systems among automakers striving to meet stringent standards.

Consumer preferences for smooth and responsive steering experiences have also fuelled the demand for EPS. Variable steering assistance and quieter operation enhance driving comfort, addressing key concerns of modern drivers.

Innovation within the EPS market, including advancements in materials, electronic sensors, and software algorithms, continues to enhance steering efficiency and safety. These developments underscore how EPS technology is advancing automotive innovation, offering cleaner, more efficient, and safer transportation solutions in the United States while supporting the United States electric power steering market development.

Market Segmentation

United States Electric Power Steering Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Rack Assist Type (REPS)

• Column Assist Type (CEPS)

• Pinion Assist Type (PEPS)

Market Breakup by Component

• Steering Rack/Column

• Sensors

• Electric Motor

• Others

Market Breakup by Vehicle Type

• Passenger Car

• Commercial Vehicle 

Market Breakup by Sales Channel

• Original Equipment Manufacturer (OEM)

• Aftermarket 

Market Breakup by Region

• New England

• Mideast

• Great Lakes 

• Plains

• Southeast

• Southwest

• Rocky Mountain

• Far West

Competitive Landscape

One of the main strategies used by manufacturers in the market to benefit customers and gain market share is local manufacturing to reduce operating expenses.

• Mitsubishi Electric Corporation

• Robert Bosch GmbH

• Denso Corporation 

• JTEKT Corporation 

• NSK Ltd.

• thyssenkrupp AG 

• ZF Friedrichshafen AG 

• Knorr-Bremse AG 

• Dowlais Group Plc (GKN Automotive Ltd.) 

• Nexteer Automotive Corporation

• Others

Key Highlights of the Report